Russian Economy Minister sees signs of Economic recovery slowdown

Moscow, Aug 5 (FN Agency) The Russian Ministry of Economic Development notes signs of a slowdown in the recovery growth of the Russian economy, the situation will become more clear after statistics for July is obtained, minister Maxim Reshetnikov said on Thursday. “We are still quite cautious about the growth estimates, as we currently see some signs of a slowdown in the recovery growth. The data cleared of all seasonality show this,” Reshetnikov told reporters.

“Let us wait for July’s data. I believe this will determine the results of the year,” the minister added. On the one hand, the June data show that the national economy is surging to the levels of the fourth quarter of 2019, according to the minister. “On the other hand, we understand that our [oil] production has not yet recovered according to OPEC+, our air traffic is not so active yet. We see that in catering and services not everything has recovered either,” Reshetnikov continued. “There is a potential for recovery, but the pace of this recovery is slowing down. We will look at July’s data and draw some conclusions then,” Reshetnikov said. Tourism recovery is another important factor influencing the economy, the minister noted. “This ‘locked demand’ largely supported domestic markets. And now the mix of all these factors can cause a certain ‘cooling’ of the economy by the end of the year,” Reshetnikov concluded.